The memecoin market has not made much bullish progress in the past three weeks.

A month ago, the meme coin market capitalization was $59.6 billion. As of the time of this writing, that number has dropped to $54.72 billion, indicating that the entire industry is moving sideways.

Shiba Inu [SHIB] has also been trading within a certain range since March.

In May, SHIB's breakout attempt failed, ultimately falling to the range low of $0.0000111. SHIB is not the only crypto token exhibiting range-bound fluctuations.

Even Bitcoin [BTC] is still fluctuating between $1,015,000 and $1,095,000.

However, in the past two weeks, the performance of Shiba Inu has lagged behind Bitcoin, indicating weakened demand. Therefore, the outlook for Shiba Inu remains bearish.

Multiple challenges that SHIB bulls need to overcome

SHIB 1天图表

The range (in white) extends from $0.0000111 to $0.0000142, with mid-range resistance at $0.0000126.

At the time of this writing, the market structure is firmly bearish. A breakout above the lower high of $0.0000136 (in cyan) is needed to shift the structure to bullish.

Indicators are not optimistic about this bullish trend. Compared to the trading volume from November to December 2024, the trading volume for the entire year of 2025 has been lower.

Additionally, sellers are dominant in 2025. This is evident from the series of lower highs set by OBV this year.

Without sustained demand, Shiba Inu will struggle to break out of this range.

Investors can wait for a rapid rise in Bitcoin and the subsequent consolidation, which may create conditions for capital inflow into the memecoin space.

柴犬桑蒂曼

After three months of accumulation, the average coin age of Shiba Inu has been declining since May.

This downtrend indicates an increase in token liquidity among long-term holders, which is a sign of distribution.

Meanwhile, the MVRV ratio shows that many holders are still deep in loss, and Age Consumed data indicates that selling pressure surged in early June but has since eased.

Overall, these indicators suggest a bearish outlook for SHIB. However, at the time of writing, the price is near a critical demand area at the range low. This opens the door for a potential short-term rebound.

Breaking above $0.0000136 would be the first signal of recovery.